CVC Attempts to Sell Minit Asia Pacific

Buyout shop CVC Asia Pacific is looking to sell shoe repair company Minit Asia Pacific Co., Reuters reported. The firm has hired Mizuho Securities to advise on the sale. This is a third attempt to sell Minit, Reuters said. The firm tried and failed to sell the portfolio company in late 2008 and in 2010.

(Reuters) – Private equity fund CVC Asia Pacific Ltd is making a third attempt to sell its shoe repair company Minit Asia Pacific Co Ltd, Thomson Reuters publication Basis Point reported on Monday.

CVC has hired Mizuho Securities to advise on the sale, and invitations have been sent for first-round bids, the report said.

The fund previously tried but failed to sell Minit in late 2008, and again early in 2010 when it received bids of up to 15 billion yen ($195 million).

Buyout fund Advent International Corp, Japanese private equity firm Wise Partners LP and a strategic buyer were among previous bidders, the report added.

Minit Asia Pacific had sales of 12.921 billion yen as of March 31, 2009, of which 55 percent was in Japan, Singapore and Malaysia, 25 percent in Australia and New Zealand, and 20 percent in Canada, according to its website. ($1 = 76.770 Japanese Yen) (Reporting by Wakako Sato; Writing by Stephen Aldred; Editing by Ken Wills)